BIMS Takeaways: B2B Marketing Strategies
The 2023 Business Information and Media Summit in Fort Lauderdale emphasized the rapid digital transformation in B2B marketing, highlighting strategies such as data-driven marketing, smarter programmatic advertising, and the growing importance of high-CPM native and mobile advertising to effectively reach and engage increasingly accessible and niche audiences.
This year’s Business Information and Media Summit (BIMS) in Fort Lauderdale highlighted the rapid evolution of the B2B space and provided insights into the latest industry trends.
A Shift in the Market
Debra Walton of Thomson Reuters discussed the paradigm shift in the market, emphasizing the explosive growth of the internet and its impact on audience reach for advertisers. Notably, there are 1 million new users on the internet every day. Facebook was cited as an example of rapid adoption, achieving 25% population penetration in just 5 years, compared to the historical average of 25 years for new products.
With audience accessibility at an all-time high, much of the conference focused on effective strategies to appeal to viewers.
Key Strategies Highlighted:
Sell Smarter
Data-Driven Marketing
James Arnold of Farm Journal stressed that marketing without data is like driving with your eyes closed. With AI improving continuously, marketers are encouraged to leverage data to build perception and inform their strategies. Data-centric approaches help advertisers understand buying and selling patterns, making timing crucial. Matt Yorke from SourceMedia posed the question: "Would you rather be on the call on Monday morning when the budget is already spent and you’re getting the scraps, or Friday afternoon when they are building the strategy?"
Programmatic Advertising
Programmatic advertising is no longer relegated to low CPM inventory. The process is becoming smarter, enabling more precise audience targeting. This is particularly advantageous for B2B, which offers niche audiences that can command higher price points for inventory.
Utilize High CPM
Native Advertising
Native advertising is increasingly important in the B2B space. As generic display ads lose effectiveness, native formats allow advertisers to tell more of a story and build a stronger connection with readers.
Mobile
Mobile has been undervalued in B2B marketing, but this mindset needs to change. A mobile-first approach is recommended, as desktop viewership is decreasing by 1% per year while mobile is growing by 25%. In a few years, it is expected that 80% of all internet traffic will be accessed via mobile devices. Publishers are encouraged to study successful mobile experiences, such as the Quartz app, and to evolve their mobile strategies to reach audiences effectively.
Video
Video advertising is growing rapidly, with a 204% year-over-year increase, making it the highest CPM format. While video ads can be more expensive to produce than display ads, they are becoming easier to create. Publishers should incorporate video to avoid missing out on ad revenue.
The BIMS conference shared a wealth of useful information, and ongoing updates on industry trends are available for those interested in staying informed.
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